![\"Alec](\"http:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2012\/09\/Alec-Hogg-Moneyweb.jpg\")
<\/a>Alec Hogg<\/p><\/div>\n
Litigation woes<\/strong><\/p>\n Moneyweb said it incurred un-budgeted expenditure in protecting its rights.<\/p>\n It said that, during the year, Alec Hogg, founder of the group, misappropriated a client database belonging to Moneyweb, “which he then used to send mailers to persons he wished to direct to his own website”.<\/p>\n Moneyweb said that, initially, Hogg falsely asserted that he owned the intellectual property in the database. However, on receipt of an application to interdict him, Hogg “capitulated” and a court order against him was obtained.<\/p>\n The group said that significant progress has been made in prosecuting Danie Wessels, a former financial director appointed by\u00a0prior management, for fraud.<\/p>\n “It is anticipated that Mr Wessels may avoid a custodial sentence, as he has made proposals to\u00a0repay a portion of the stolen funds to Moneyweb,” it said.<\/p>\n Hogg resigned from Moneyweb in October 2012 on 12 months’ notice, citing differences in his and controlling shareholder, Caxton’s\u00a0value systems.<\/p>\n “The primary dispute with Mr Hogg related to his handling of the migration of the advertising sales function,\u00a0and the short-term destruction of Moneyweb\u00b4s advertising revenue stream,” said\u00a0Moneyweb\u00a0chairman, Paul Jenkins.<\/p>\n Plagiarism<\/strong><\/p>\n Moneyweb said that, of\u00a0grave concern to the group in the last year has been the repeated use of its copyright protected material by\u00a0competitor, Fin24.<\/p>\n As such, it has launched a court application\u00a0to declare the copying of articles to be unlawful and to interdict the continuing publication of\u00a0the articles by Fin24 on its website.<\/p>\n “At the heart of this litigation is the contention by Moneyweb that Fin24 is engaged in The future<\/strong><\/p>\n Looking ahead, Moneyweb said it\u00a0is revising its strategy on apps as it has not obtained the revenues anticipated. This revision will involve devising\u00a0new ways of monetising the apps and at the same time providing value to clients and users.<\/p>\n “There will be further research into monetising content and establishing strategic partnerships for future\u00a0growth,” it said.<\/p>\n Moneyweb hits out at Fin24 for plagiarism<\/strong><\/a><\/p>\n Fin24 rejects Moneyweb plagiarism claims<\/strong><\/a><\/p>\n
\nsystematic plagiarism on an industrial scale, as part of its business model, to gain a commercial advantage for itself,” Moneyweb said.<\/p>\nMore on Moneyweb<\/h3>\n